Cuts in production from OPEC+ producers have been the main reason for the dramatic recovery since the 38% price slump seen during the final quarter of last year, say market makers. WTI Crude is $60.41; Brent is $68.67 this morning.
Source: Reuters.com - By: Stephanie Kelly
U.S. crude inventories rose last week by 2.8 million barrels, compared with expectations for a decrease of over 1 MM bbls the U.S. Energy Information Administration said. Demand concerns and economic jitters due to the U.S.-Chinese trade war have also affected prices. WTI Crude is $58.48; Brent is $66.88 this morning.
Yo-yo price swings have become the norm in the oil market say analysts. Market focus has switched back to supportive supply considerations. WTI Crude is $59.51; Brent is $67.80 this morning.
"This is the new American energy era," says the U.S. Energy Secretary. The U.S. export surge started in late 2015 when Washington lifted a 40-year ban on most oil sales overseas, reshaping the world’s energy map. WTI Crude is $58.84; Brent is $66.80 this morning.
Crude prices retreated after reaching a four-month high on Thursday as disappointing global economic data and a lack of resolution to the U.S.-China trade war damped sentiments. WTI Crude is $58.84; Brent is $66.80 this morning.
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